October 20, 2015 / 5:38 AM / 2 years ago

Saudi retailer Alhokair Q2 net up 2.3 pct, misses forecast

DUBAI, Oct 20 (Reuters) - Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co reported a 2.3 percent rise in second-quarter profit on Tuesday on higher sales and growth driven from newly opened stores, but missed analyst estimates.

The company made a net profit of 310.7 million riyals ($83 million) in the three months to Sept. 30, up from 303.7 million riyals in the year-earlier period, according to a bourse filing. Alhokair’s financial year starts on Apr. 1.

Two analysts polled by Reuters had forecast Alhokair would make a quarterly profit between 319.1 million riyals and 329.8 million riyals.

Alhokair, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle East, said the rise in quarterly profit was due to a 6.1 per cent increase in sales “driven by the high performance in the Saudi market and the growth driven from newly opened stores.” ($1 = 3.7499 riyals) (Reporting by Hadeel Al Sayegh; Editing by Biju Dwarakanath)

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